Casino Focused on Strategic, Financial Objectives After Moody's Downgrade
03 Avril 2019 - 8:01AM
Dow Jones News
By Anthony Shevlin
Casino Guichard-Perrachon SA (CO.FR) said late Tuesday that it
remains focused on its strategic and financial objectives for
2019-2021 in light of Moody's decision to downgrade the company's
financial rating.
"Casino Group takes note of Moody's decision to downgrade its
financial rating from Ba1 negative outlook to Ba3 negative
outlook," said the retailer.
Casino said the ratings cut has no impact on the availability or
cost of the group's financial resources and noted Moody's positive
comments on the company's limited and decreasing exposure to the
declining hypermarket format.
"The group notes that Moody's bases its analysis on Casino's
gross debt at the end of 2018, which takes into account neither the
disposal plan nor the future reduction in bond debt," said
Casino.
The French retailer highlighted its recently increased asset
disposal plan target, which it raised to at least 2.5 billion euros
($2.8 billion) by the first quarter of 2020, from EUR1 billion.
Casino said it also plans to generate free cash-flow in France
of EUR500 million, enabling it to cover its dividends and financial
expenses.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
April 03, 2019 01:46 ET (05:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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